Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
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